Beware the Seinfeld Rally

The gains in equity prices this year may have been something about nothing.

In another time, I would have described myself as "being from Missouri" about the current stock-market rally. That was when hailing from the Show-Me State meant a healthy skepticism that demanded hard evidence as proof of the veracity of a statement. Now that being from Missouri -- or more precisely, being a Republican candidate for Senate from Missouri -- connotes being an ignoramus of highest order, I'll employ a different metaphor.

I would dub this the Seinfeld Rally. In a stunning bit of self-awareness rare...